To Calculate the Relative Price of Labor, One Needs to Know

question 139

Multiple Choice

To calculate the relative price of labor, one needs to know

• A)only the reciprocal of the price level.
• B)both the nominal wage and the price level.
• C)the nominal market wage relative to wages paid elsewhere.
• D)only the nominal market wage.
• E)both the price of consumer goods and the price of the product being produced.

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